VADODARA: ONGC Petro Additions (OPaL) has begun exports to Singapore and intends to float a tender soon for exporting more products to other countries.
The first consignment of butadiene was shipped to Singapore, and the company wants to export more products benzene, etc. to other countries as well for which it will be floating tenders, Opal chief executive K Satyanarayana told PTI today.
The Rs 30,000-crore OPal plant here is the first one set up under the petroleum, chemicals and petrochemicals investment region (PCPIR) in the Dahej SEZ, under which it has to export 50 per cent of production, Satyanarayana added.
The city-based OPal is a joint venture promoted by ONGC, GAIL and Gujarat State Petroleum Corporation. This plant was commissioned by Prime Minister Narendra Modi on March 7.
Satyanarana said “this is the single largest petrochemicals plant in the country and is working at full capacity now. We have annual capacity of 14 lakh metric tonnes of polymers, low and high density polyethelene, polypropylene and 5 lakh metric tonnes of benzene, butadiene and pyrolysis gasoline etc.”
Dahej is among the first four PCPIRs planned in the country. The Dahej PCPIR has a potential to employ 32,000 people directly.
“OPaL is in talks with Kuwait’s Petrochemical Industries Company (PIC) on a possible stake sale and is ready to offer as much as 40 per cent to the new partner,” said Satyanarayana.
On the revenue said, he said once fully operational, the plant can generate annual revenue of Rs 16,000 crore.
The petrochemicals sector has been growing at 10-12 per cent per annum since the last decade, and is expected to grow at 12-15 per cent in the next decade, he said.
The optimism comes from the low per capita consumption of polymers in the country which is about 10 kg against the global average of 32 kg, showing potential for further upsides, he said.